FIA advocates for open, transparent and competitive markets around the world. Our global advocacy team  works with regulators, policymakers, and the industry on the development and implementation of legislation and regulation through publications and filings.

FIA comments on the implementation of Basel standards
FIA and ISDA respond to European Commission's consultation on FRANDT requirements
FIA responds to ESMA consultation paper on algorithmic trading under MiFID II/MiFIR
FIA PTG supports Cboe voluntary compression service for market makers

Electronic Trading

FIA, FIA PTG and FIA EPTA are closely monitoring efforts of regulators on electronic trading.  We provide policymakers with expert feedback on regulatory proposals and promote best practices in risk controls.

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Regulators across the globe have been focused on ensuring that systemically important benchmarks used in global markets are robust and subject to scrutiny.  We have been monitoring and commenting on recommendations and benchmark transitions.

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FIA is closely monitoring the U.K. withdrawal from the European Union in the area of financial services. We continue to work with regulators in the U.K. and the E.U. and with our members to provide for a smooth transition when it comes to derivatives clearing.

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New capital requirements for banking organizations have significant impacts on the ability of banks to provide clearing services for their customers. We are working with regulators to promote risk-reducing effects of clearing while at the same time, preserve a strong and diverse community of clearing firms.

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Clearing is a core tenant of a safe and sound financial system. We are monitoring new regulations affecting CCPs, clearing members and other market participants in the clearing ecosystem, and providing information on CCP rulebooks, operational practices, default procedures and financial resources.

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FIA advocates on behalf of members and provides resources and various forums and Committees to discuss regulatory implementation and day-to-day issues in metals, energy and agricultural markets, including position limits, transaction or position reporting and regulatory exemptions.

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Oversight of today’s global markets requires international coordination to maximize efficiency.  We  advocate for reasonable, pragmatic and deferential cross-border regulation and oversight that provide safeguards while allowing for competition and innovation.

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Customer Protection \ Segregation

The protection of customer funds is paramount. We work with industry and regulators to meet new regulatory requirements that enhance safeguards of customer funds.

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FIA advocates on behalf of member firms regarding the rules imposed by the European Markets Infrastructure Regulation (EMIR) - the European regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs). Designed to improve transparency and reduce the risks associated with derivatives markets, EMIR also establishes common organizational, conduct of business and prudential standards for CCPs and trade repositories. We  also provide forums for firms to discuss implementation challenges, and operational and legal challenges that the Regulation poses in a day-to-day clearing operation.

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Innovation & FinTech

We works with members to monitor innovative FinTech firms and analyze how they impact the traded and cleared derivatives industry.

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Market Conduct

FIA is working with members and regulators on current challenges relating to market conduct and continues to explore the impact of market conduct regulations, such as the Market Abuse Regulation (MAR), the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) in Europe and the Dodd-Frank anti-manipulation and disruptive trade practices provisions in the United States. We broadly supports efforts to preserve and enhance market integrity and strives to ensure that regulators design and implement these regulations to serve their intended purpose.

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The E.U.’s Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) are Europe’s regulations that implemented major capital markets reforms. MiFID II and MiFIR came into effect on 3 January 2018 and will be reviewed during 2020. We are working with members to address key aspects of MiFID II as they relate to listed and cleared derivatives - both within EU, as well as the impact on firms outside of the European region.

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Operational Resilience

The financial services sector and the critical infrastructure it supports is an attractive target for hackers and cyber-criminals. No one is immune to these attacks, and the threats themselves are continually evolving, becoming more targeted, complex, and dangerous. We work with our membership and regulators to host roundtables and workshops to minimize the risk of attacks and assist with recoveries.

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Position Limits

Regulators in the U.S. are implementing regulatory regimes that govern the application of speculative position limits to the commodity futures and swaps markets. We are at the forefront of advocacy in this area to help ensure that these regimes accommodate commercial hedging and risk management activities, and do not disrupt markets or impose undue costs on market participants.

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Trade Reporting

A key aspect of European market reform has been the introduction of regulatory reporting requirements for OTC and ETD derivatives. These fall under the EMIR regulation, but also feature in MiFID II and the European energy market regulation, REMIT.

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FIA engages with members to identify and address matters that affect trade execution across the global industry. Topics covered, but not limited to, are automated trading risk, market access, exchange specific requirements, and other trading and execution related regulatory obligations across global jurisdictions.

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Sustainable Finance

FIA provides a forum for members to discuss sustainable finance developments, which has become a key focus area for regulators and market participants alike. We monitor numerous projects, such as the proposed EU taxonomy, responsible sourcing or disclosure requirements and are liaising with regulators and policy makers to ensure any requirements consider the role of derivatives markets.

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Publications & Filings

  • FIA PTG opposes latest Consolidated Audit Trail funding proposal

    In a letter filed with the SEC today, the FIA Principal Traders Group (FIA PTG) urged the Commission not to approve the amended Consolidated Audit Trail (CAT) funding proposal.

  • FIA PTG supports Cboe voluntary compression service for market makers

    In a letter filed with the SEC today, the FIA Principal Traders Group (FIA PTG) supported the Cboe's Proposal to add another compression tool.

  • FIA comments on the implementation of Basel standards

    On 30 April 2021, FIA submitted a response to the UK Prudential Regulation Authority (PRA) consultation on the implementation of Basel standards (CP5/21).

  • FIA and ISDA respond to European Commission's consultation on FRANDT requirements

    FIA and ISDA responded to the European Commission (EC)’s consultation on the draft Delegated Act and accompanying Annex to specify the conditions under which the commercial terms for clearing services for OTC derivatives are to be considered to be fair, reasonable, non-discriminatory and transparent (FRANDT).

  • FIA and ISDA response to the European Commission’s ‘Roadmap’ consultation on CSDR

    FIA and ISDA on 4 April 2021 submitted a response to the European Commission’s ‘Roadmap’ consultation on the review of CSDR.

  • FIA responds to ESMA consultation paper on algorithmic trading under MiFID II/MiFIR

    On 12 March, FIA responded to ESMA consultation paper MIFID II/MIFIR review report on Algorithmic Trading. FIA’s response reflects the views of FIA exchange and clearing members and trading venue members, in relation to exchange-traded derivatives.


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